A $32,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term. |
|
a. |
What will be the principal component of the sixth payment? (Round your answer to 2 decimal places.) |
b. |
What will be the interest portion of the twenty-second payment? (Round your answer to 2 decimal places.) |
c. |
How much will the loan’s balance be reduced by Payments 10 to 15 inclusive? (Round your answer to 2 decimal places.) |
d. |
How much interest will be paid in the second year? (Round your answer to 2 decimal places.) |
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A $32,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over...
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